Glossary
Refinancing
Creditor countries may choose to apply the terms of a Paris Club agreement either through a refinancing (they make a new loan that is used to repay the existing debt) or through a change of the terms and conditions of the existing debt (rescheduling).
Reprofiling
In a Paris Club agreement, part of the debt may be reprofiled over a few years, instead of a long-term period of time. The duration of a reprofiling is an intermediate between a deferral and a long-term rescheduling.
Rescheduling
(i) Consolidation, change of the terms of debt payment obligations
(ii) when opposed to concessional treatment, non-concessional consolidation
(iii) when opposed to deferral or reprofiling, the part of a consolidation with the longer terms of repayment (iv) when opposed to refinancing, consolidation through a change of the terms and conditions of the existing debt.